Buru Energy Canning Basin JV on track to begin major exploration drilling program in mid-June

Buru Energy Limited (ASX:BRU) (OTCMKTS:BRNGF) (FRA:BUD) is on track to begin a major exploration drilling program at the Canning Basin joint venture with Origin Energy Ltd (ASX:ORG) targeting total mean prospective resources of 97 million barrels of conventional oil. Drill site preparations for the Kurrajong 1 well are expected to be completed later this week with the drilling pad nearing completion. The Ensign 963 rig will be used for the well with the first rig loads scheduled to leave its current drilling site in the Northern Territory on May 24. Targeting mid-June spud Buru’s executive chairman Eric Streitberg said: “Drilling preparations are well underway and on track for our target mid-June spud. "Site preparations have gone smoothly and without incident and we are very much looking forward to the spud of Kurrajong in just over four weeks." JV with Origin Energy Buru Energy is operating two major exploration wells in the Canning Basin this year - Kurrajong 1 and Rafael 1 - in a 50/50 joint venture with Origin Energy. The company will be carried by Origin for the first $16 million of the associated well costs. Kurrajong 1 is the first well to be drilled in the program and is about 30 kilometres west of the Ungani Oilfield. It is expected to have similar geology to Ungani with mean prospective resources of some 29 million barrels of recoverable oil. Preparation work The drill pad preparation work has included stripping the topsoil and stockpiling ready for rehabilitation of the site, with all of the groundworks being supervised by senior Yawuru Traditional Owners. The site has been levelled and compacted, the cuttings sump formed up ready for installation of the impervious liner, and the 20-inch surface conductor and cellar has been installed. All work on the site has been undertaken by local contractors who have completed the operations to a very high standard and incident-free. Ensign 963 rig The Ensign 963, which is the sister rig to the Ensign 970 drilling in the Perth Basin, is currently located at the Kyalla 1 Origin Energy well site in the Beetaloo Basin in the Northern Territory. Ensign and Buru have been undertaking rig preparation inspections and Ensign is on track to start mobilising the rig to the Kurrajong 1 well site, with the first loads expected to be picked up on May 24. It is expected to take two weeks to mobilise all equipment to the Kurrajong site with rig up and rig inspection and acceptance expected to be completed in time for the target spud date of June 15.